Treasury moves to stave off mass loan defaults
14 December 2011, 08:33
The Treasury on Tuesday strong-armed commercial banks into
easing the burden of loan repayments for borrowers in a pre-emptive move
aimed at staving off possible mass loan defaults in the wake of a
recent increase in lending rates.
At a press conference curiously held at Treasury
Buildings, commercial banks announced that they had capped any
increments in monthly loan repayments at 20 percentage points above the
applicable rates and extended the period borrowers would be required to
service their loans.
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